MIL.K AMA Recap

Mil.k AMA Recap

CryptoDiffer team

Hello everyone! 

I want to welcome to our chat Shawn Woo from the MiL.k team.

 

CryptoDiffer team

 Shawn, could you give us a short introduction about yourself and the MiL.k project?

 

Shawn Woo
CBO

Hello, I’m Shawn Woo, the CBO of MiL.K project. MiL.K is a platform where users can buy and sell reward points of travel/leisure/lifestyle companies, and Milk Coin is the means to trade (Functional currency).

Users of MiL.K platform sell their reward points to get Milk Coin and use it to buy other reward points with discount. Currently, Yanolja, Delivery Car, and Seoul Airport Limousine have confirmed their joining on the platform, and we are also discussing with other travel and leisure partners about the alliance.

CryptoDiffer team

Firstly, Why is it named MiL.k?

 

Shawn Woo
CBO

MiL.k stands for Mileage Token.

 

CryptoDiffer team

Understood, When do you have a public sale?

 

Shawn Woo
CBO

We will not have a public sale that indiscriminately attracts large-scale funding. There will only be institutional investments through private sales to create a healthy token ecosystem.

We’ve been receiving reports of unofficial transactions of MLK. We do not allow prior reselling of MLK and when necessary, we will legally cancel the contract. I’d like to inform you that MLK that has been purchased through such process will not be legally protected. You could easily become a victim of scamming. Please keep this in mind. 

 

Please read the following notice regarding this issue at https://t.me/milkplay/52 for details.

 

CryptoDiffer team

 Can we expect partnerships with foreign companies?

 

Shawn Woo
CBO

Currently, our leisure life spans over a very wide area. Doing leisure activities such as shopping overseas is also very common. We are discussing with foreign companies to expand consumers’ mileage point utilization and increase its convenience. They are expected to become a part of the MiL.k Alliance in the near future.

 

Cryptodiffer Community

Q1. Where did the idea of MiL.k come from or what was your inspiration to create this project?

Shawn Woo
CBO

We thought about a platform to share customers with Yanolja, a travel and leisure unicorn, and were inspired by the forex trading system in relation to its specific methods. In the process of exchanging currencies between countries, the role of banks (platforms) and dollars (Functional currency) became the motif of MiL.K platforms and Milk Coins, as well as ideas for mechanisms for trading or exchanging different points.

 

Cryptodiffer Community

Q2. What are the main markets that MiL.k is focusing and What is your strategy to access to these markets? 

Shawn Woo
CBO

MiL.K plans to gradually expand its service areas, focusing on travel/leisure/lifestyle markets. Our main strategy is largely about customer sharing on the platform and avoiding internal competitions. Since customers of travel and leisure companies tend to use various services within one period of activities, MiL.k could be marketed to the same customer base among different companies. In that sense, integrating reward points is an efficient marketing method that benefits customers directly. And to prevent companies from competing on our platform, we will not allow multiple companies out of the same sector be on the platform. So, as the platform grows, service companies in various industries will expect the preemptive effect and become more motivated to join MiL.K Alliance.

 

Cryptodiffer Community

Q3. How will MiL.k platform stay ahead of its competitors that already offer point integration services?

Shawn Woo
CBO

Existing point integration systems are commonly done by integrating the affiliates of the same company group. However, in addition to cross-using points from different companies, MiL.K also offers customers a much greater customer benefit because customers can trade (buy or sell) points themselves. Plus, there are no restrictions on the scope of the company joining the platform.

Above all, travel/leisure/lifestyle industries generate a wide range of small-sized points as customers use multiple services for a single activity. That’s how the reward points-integrating service will benefit both customers and service companies much more, which makes a huge difference from other point integration platforms.

Cryptodiffer Community

Q4. Many traders are interested in this project. What will the team do to make consumers interested in this project as well?

Shawn Woo
CBO

MiL.K platform is just another blockchain platform but a platform that integrates reward points that an average consumer getting from traveling, drinking coffee, and watching movies. So, the main users of the platform are the average consumers, not the traders. 

Therefore, securing a large number of partners and increasing the effectiveness of the point integration that consumers feel are important factors in increasing consumer interest. MiL.K will appeal to consumers who want various point-to-point uses.

 

Cryptodiffer Community

Q5: Partnerships and marketing seem to be focusing on Korean market. How will MiL.K appeal to foreign investors? 

Shawn Woo
CBO

The project begins mainly in Asia, but we plan to expand globally by making partnerships with global travel/leisure/lifestyle companies and listing Milk Coin on global exchanges in the near future.

 

Cryptodiffer Community

Q6. How do you plan on marketing comparing to other mileage point programs?

Shawn Woo
CBO

We plan both traditional and crypto marketing methods. 

1) Traditional marketing: To reach to the general public, we will do the traditional marketing such as Ads on buildings in Seoul.

2) Marketing thru our service partners: For example, Yanolja platform will reveal about MiL.k platform by doing air-drop promotions and such.

3) Crypto-marketing: To appeal to potential investors that are crypto users, we will do AMA events and meet-ups periodically.

 

Cryptodiffer Community

Q7. How do you get your partners onboard? Many companies are still hesitant to adapt blockchain.

Shawn Woo
CBO

Many companies we’ve encountered have been positively considering to adopt blockchain technology, and MiL.K is the best platform to engage many businesses by using the technology. 

 

By joining MiL.k, companies can increase the effectiveness of their reward point program by allowing their existing customers to trade the point with other services. In the mean time, a service company can acquire new customers from the neighboring comapnies on the platform.

 

Cryptodiffer Community

Q8. What are the benefits to users and consumers of MiL.k platform?

Shawn Woo
CBO

First of all, you can combine mileage points scattered here and there. You can also convert them into MLK and cash it at an exchange.

Furthermore, when using MLK to purchase mileage points, you can get a discount. (minimum 5%, maximum 40%)

These benefits are available thanks to MiLK’s innovative idea of a point transaction system.

 

Cryptodiffer Community

Q9. How do you plan to get different businesses onto MiL.k platform and let their reward points to be traded with other points? 

Shawn Woo
CBO

point transactions on MiL.K platform are to be done through the platform’s functional furrency, Milk Coin. 

For example, users can exchange company A’s points for Milk Coin on the platform and purchase Company B’s points using the purchased Milk Coin.

Through this process, customers will be able to collect and use their points.

Cryptodiffer Community

Q10. Please explain whether reward points can be purchased directly from the service company on the MiL.k platform. 

Shawn Woo
CBO

Service companies do not sell their points on the platform. The points will be granted to their users, and it is those users that bring the points to MiL.k platform. So, users will be able to make transactions using their reward points. 

The transactions are not to be made directly between users. Rather, MiL.K platform will be the counterparty of each transaction. (Think of the same role of banks in forex trading) 

In short, users purchase reward points from the platform itself, not from the service companies.

 

Cryptodiffer Community

Q11. Due to the restriction that mileage points are only valid till the expiration date, it seems difficult to make transactions between them. I’m curious about how MiL.k platform will operate considering the restriction?

Shawn Woo
CBO

A new expiration date gets to be set when a point is traded on MiL.k platform.

For example, if user A buys a point from user B, the point’s expiration date gets renewed for a certain duration. Same duration will be applied to the same company points.

However, if user B gets a point directly from a service company, the point’s expiration date won’t be affected by the above policy of MiL.k platform until it gets to be actually traded on the platform.

Cryptodiffer Community

Q12. If company A’s points are used more actively, the company’s debt is likely to increase as other companys’ points are changed to those of company A. What is the clearing process? 

Shawn Woo
CBO

Point transactions on MiL.K platform have nothing to do with the corporate debt. When a user buys Company A’s points with Milk Coin, he or she doesn’t buy it directly from company A. It is sold by another user who has gotten the points either from a purchase on the platform or from the Company A as a reward.

In other words, Company A has nothing to do with this transaction and does not require additional debt issuance and clearing. Only the ownership of the points change.

Cryptodiffer Community

Q13. Why did you choose Hyperledger and Luniverse as your blockchain platform?

Shawn Woo
CBO

MiL.K platform uses Hyperledger Fabric and Luniverse. 

As for Hyperledger Fabric, it is a permissioned, private blockchain system that can prevent indiscriminate sharing of sensitive information as only authorized users by the authentication management system can participate in the network, and ledgers can only be created between authorised nodes. 

Luniverse is a BaaS platform operated by Lamda256, which ensures both the stability and reliability of the toKen system.

Cryptodiffer Community

Q14. How does MiL.K protect users’ privacy?

Shawn Woo
CBO

MiL.k does not collect sensitive personal information and does not receive any personal information from partner companies. After the users sign up for MiL.k platform through e-mail authentication, the company and MiL.k platform will exchange information on the basis of the mileage point wallet address, which is created randomly, and do not share any personal information such as user ID, name, or contact information.

Cryptodiffer Community

Q15. Scalability, Security and Data Privacy are three important things. How does MiL.k plan to overcome these issues?

Shawn Woo
CBO

Issues relevant to personal information is already answered before. The solution to problems with scalability and security is Hyperledger Fabric, used by MiL.K platforms. As a licensed private blockchain, high TPS performance has been implemented and a separate network for each company has been established to increase the security of the partner companies’ customer information. This high performance, reliability, and security will also benefit the scalability of the MiL.K network.

Cryptodiffer TEAM

This concludes the answer to all the questions that have been asked for today’s AMA. Is there anything else you’d like to say to the community?

Shawn Woo
CBO

First, I would like to say thank you to all of you who have been interested in Milk Coin and MiL.K project.

Many people have asked us questions at the AMA Pre-Question Event, but we’re sorry we can’t answer all of them.With MiL.K Wallet service opening and the coin listing just around the corner, MiL.K team is now busier than ever, and is working very hard to make a great product. We would appreciate your continuous interests.

We are always open to productive communications, so please feel free to contact us about the project at https://t.me/MiL.Kallianceeng

Cryptodiffer TEAM

We are always open to productive communications, so please feel free to contact us about the project at https://t.me/MiL.Kallianceeng

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